In Uzbekistan, the soum significantly strengthened against the US dollar in the first 11 months of 2025. Spot, citing data from the Central Bank, reports that the fluctuations observed in the dollar exchange rate in November became an important turning point for the national currency.
It is noted that during November, the soum increased by 122.92 soums, that is, by 1.02% against the dollar, and the official exchange rate was 11,902 soums. In the first half of the month, the exchange rate was above 12 thousand soums, and in the second half of the month, the exchange rate steadily strengthened, falling below 11,900 soums. This indicator was recorded as the lowest level observed since 2023.
Over 11 months of this year, the national currency strengthened against the dollar by 7.88%, increasing by more than 1018 soums. At the end of November, the dollar exchange rate in commercial banks remained at 11,900 soums and below. The highest purchase price - 11,900 soums - is offered by Hamkorbank, National Bank, and Trustbank.
Reasons for dollar drop
The Central Bank links the strengthening of the national currency to a sharp increase in foreign exchange earnings. In particular, the stabilization of export revenues, foreign loans, remittances, investments, and imports has accelerated the growth of foreign exchange flows.
In January-October, Uzbekistanis sold $17.4 billion in foreign currency to banks - 31.8% more than last year. The indicator of foreign currency purchases by the population increased by 24 percent and reached 9.6 billion dollars. As a result, the difference between sales and purchases amounted to 7.8 billion dollars.
Cross-border remittances also increased by 25%, reaching $15.8 billion since the beginning of the year. Especially from July to October, transfers remained stable at the level of $1.8-1.9 billion per month.
In January-October 2025, Uzbekistan's foreign trade turnover amounted to $66.5 billion. This is $11.75 billion, or 21.5%, more than in the same period in 2024.
The strengthening of the soum also had a positive impact on inflationary expectations in the country - inflationary concerns decreased by more than two times compared to exchange rate fluctuations. At the same time, confidence in the national currency increased, and the money supply in the sum increased from 220.1 trillion soums in 2024 to 282.3 trillion soums by October.
Another factor that eased the multimillion-dollar burden was the strengthening of the national currency, which reduced the cost of servicing external debt. This reduced government spending by 4.7 percent and the business burden by about 5 percent.
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